Web3 to Earn: Reproduction and Innovation

The Web3 to Earn items on the market are increasing every day, of which 84 are counted by Beep News.

They are embedded in life in a subtle way, involving all aspects of our lives, earning coins by running, riding, reading, writing, learning English, and even eating and sleeping.

There must be something unreasonable behind the savage expansion of the concept of Web3. For example, we have seen that most of the Move to Earn projects are seriously homogenized, and some old projects that have been eliminated have become popular with Web3 after packaging themselves, and the APP is sold before it is launched. There are also many cases of NFT and launch tokens.

However, replication, trial and error, iteration, and innovation are inevitable processes for the market. The image of mfers comes from the “Are u winning son” stalk map. Now the floor price is 2 ETH, which is already among the blue chips. The birth of BAYC cannot escape the shadow of CryptoPunks, but BAYC has acquired CryptoPunks to become the first IP in the NFT world.

In the same way, a large number of Web3 to Earn projects were launched in a plagiarized way. They borrowed the successful dual-token economic model and token consumption scenarios, and packaged them with the concepts of “healthy life”, “environmental protection”, and “meditation and mindfulness”. The way to Earn attracts users, but it is undeniable that they are improving and innovating Web3 to Earn.

This article will talk about these innovations and how the Web3 to Earn program has more vitality.

Web3 to Earn: Reproduction and Innovation

83 Web3 to Earn items, source: Beep News

Lower the threshold for participation, free to earn

Axie Infinity and Stepn are recognized as the most successful Web3 to Earn programs. The participation threshold for the former is 3 Axies, which are worth about $1,900 at the price in October last year. The latter’s participation threshold is 1 pair of sneaker NFTs, and the floor price is now 20 SOL, which is worth about $2,000. High participation threshold discourages a large number of users.

The emerging Web3 to Earn program has significantly lowered the barriers to entry. According to the statistics of Bibi News, Wirtual, Sweatcoin, Calo App, dotmoovs, Aircoins.io and other new Web3 projects support mobile download of APP, and you can play by registering with your email or mobile phone number.

One side of the coin is that the threshold is lowered, and the other side is that the user’s income will be reduced accordingly. Take Sweatcoin and Aircoins for example. Sweatcoin does not yet support secondary market exchange, and tokens can only be used for purchase, auction or donation of goods from 600 brand partners in the app. The withdrawal of Aircoins to the address needs to meet the conditions of the value of more than 20 US dollars.

Although low threshold means low income, low/no threshold is still the trend for the development of Web3 to Earn.

First of all, users are the foundation of platform fission.

Imagine a Play to Earn game, you have to buy 1 of 8888 NFTs to play, then once the game becomes popular, it will definitely be monopolized by “elite users” who have money and leisure.

Another Play to Earn game, users only need to download the app on their mobile phone and register their email address to start the Web3 journey. Although the financial return tends to be 0, ordinary users can participate, whether it is for wool, chasing hot spots, really game enthusiasts, or others, the scope and number of users are not limited.

Second, high barriers to entry do not constitute a necessary condition for price stability.

If the product can directly hit the market pain points, the function can be continuously optimized, the gameplay can be continuously unlocked, and the community and culture can be gradually established, then the price can reflect the value. Uniswap is a good example. It meets the needs of liquidity and automatic market making in a peer-to-peer way, and provides simple functions and interfaces, so that prices can remain stable after generous airdrops.

Another benefit of Free to Earn is the huge number of Web2 users onboard. According to statistics, by November 2021, the number of Internet users worldwide will reach 4.9 billion. Web2 can be the most direct source of Web3 user expansion.

Let a large number of Web2 users experience Web3 products with low/no threshold, and they will realize what it means for digital assets such as NFT to be owned by themselves; the withdrawal process will teach them how to create wallets and keep mnemonics; it will also let them know the Web3 world. Accounts – Wallet addresses can be applied to multiple platforms without double registration and will not be closed by third parties.

Expand functions and scenarios to embed Web3 to Earn into life

The new Web3 to Earn project is expanding the functions and scenarios of the application. For example, the scope of Move to Earn has been extended to

Bike to Earn, Drive to Earn, Exercise to Earn, Miditate to Earn. Related projects are Wirtual, dotmoovs, VICMOVE, PUML Better Health, BikeRush, ZenCats, etc.

The form of Web3 to Earn is also getting more interesting. For example, Genopets, a Move to Earn program on Solana, uses mobile devices to extract player movement data and convert it into experience points, which can be used to upgrade in-game pets to combine movement and gaming.

Web3 to Earn: Reproduction and Innovation

Genopets combines M2E with GameFi

The extension of the function is the result of the gradual discovery of user needs.

When the weather is bad, the Move to Earn project, which combines dancing, yoga, and meditation to earn coins, can make up for users’ outdoor running needs. For users who have the habit of cycling, the Bike to Earn program can be easily embedded into their lives. All he has to do is download the app and open it before every ride.

The Web3 to Earn project is also promoting more active lifestyles such as exercise, learning, environmental protection, meditation and mindfulness.

As IOSG stated in the article “X to Earn: A Formal Challenge to the Death Spiral”, for the Web3 to Earn project, users originally held the purpose of to Earn, but after a period of persistence, they began to recognize some non-financial The rewards include a more beautiful body, a healthier body, a more positive mental state, etc.

The survey shows that for such a project, even if it enters a death spiral, 83% of users are still willing to continue to use it. Some users are even willing to enter the market after the project loses popularity. Compared with fitness cards, the financial returns brought to users by the Web3 to Earn program can be seen every day, and users will be motivated to choose a healthy lifestyle every day.

Web3 to Earn: Reproduction and Innovation

83% of users would still leave shoes if Stepn entered a death spiral, source: IOSG

For example, Solana has a project called Poppin, which focuses on Eat to Earn. After taking pictures of food, you can get a Pop-bites virtual pet. Pop-bites are fed by taking pictures of food every day. What Pop-bites look like depends on the type and amount of food you eat. The difference between Pop-bites There is further GameFi gameplay. Although the information on the project is still relatively small, it can be speculated that this may be a project that motivates users to eat healthy and eat a variety of diets.

Apart from that, Web3 to Earn also allows users to catch up with the trend in a more interesting and novel way. When you post on social platforms how much money you earn from running and how much money you earn from meditation, you can show your avant-garde lifestyle and attract other Web3 participants to interact with you.

This is where the social attributes unfold. In fact, among the 84 Web3 to Earn projects counted by Bibi News, many of them involve social functions, such as support for liking the content of creators, support for chatting between users, etc. Social attributes can greatly enhance user stickiness.

Web2 applications are already emphasizing the importance of social interaction. For example, in the Keep community, fitness experts share their fitness results and eat healthy, bringing incentives to other users. In the Dianping community, users share their check-in experience and attract other users to experience it. This should also be the trend of the Web3 to Earn project.

Epilogue

The wave of Web3 is coming upon us, with accelerated adoption in the form of to Earn. Despite the irrationality and bubbles of the market, Web3 to Earn is also undergoing improvement and innovation. The entry threshold is lowered, the to Earn function and scene are expanded, the concept of healthy life and environmental protection is emphasized, and social attributes are integrated…

As a16z agrees, the future of income is X to Earn. Perhaps one day, the entire Web3 to Earn track will become a part of our daily life after experiencing market FOMO, greed, and cooling.

Note: This article is not intended as investment advice

Posted by:CoinYuppie,Reprinted with attribution to:https://coinyuppie.com/web3-to-earn-reproduction-and-innovation/
Coinyuppie is an open information publishing platform, all information provided is not related to the views and positions of coinyuppie, and does not constitute any investment and financial advice. Users are expected to carefully screen and prevent risks.

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